UBS, the biggest European casualty of the US credit crisis, on Tuesday announced a raft of measures to improve its performance as it reported widening losses and further writedowns of $5.1bn related to risky credit-related investments.Bloomberg:
UBS Posts Loss, Doesn't Expect Improvement in `Adverse' Markets
By Elena Logutenkova
Aug. 12 (Bloomberg) -- UBS AG, Switzerland's biggest bank, reported a fourth straight quarterly loss on subprime-related writedowns and said it doesn't expect the ``adverse economic and financial trends'' to improve for the rest of the year.
The net loss was 358 million Swiss francs ($329 million) in the second quarter, compared with a 5.55 billion-franc profit a year before, Zurich-based UBS said today. Analysts surveyed by Bloomberg estimated UBS would post a loss of 281 million francs. About 3.8 billion francs in tax credits cushioned the loss.